Budget Airline Warns Jet Fuel Shock Could Wipe Out Rivals

Ryanair has warned that the price of jet fuel could soar next summer, threatening some of its European competitors with collapse. The budget airline said it has taken emergency measures to protect itself from the higher jet fuel prices caused by the Iran war, trimming its passenger targets from 216m to 214m for this year. The Dublin-based firm said it has secured fixed-price contracts for 80 per cent of its fuel needs for the coming year, but opted to cut some flights to reduce the amount of fuel it has to buy at market rates. …